South Korea petchem exports slump in August

23 September 2008 11:22  [Source: ICIS news]

SINGAPORE (ICIS news)--South Korea has recorded a significant year-on-year dip in petrochemical exports in August with most products registering double-digit declines, according to statistics released by the Korean International Trade Association (KITA) on Tuesday.

Demand had fallen during the 2008 Beijing Olympics last month, when most Chinese plants had either cut back or stopped production, and also due to the general fall in consumption as the global economy slowed down, analysts said.

Ethylene and propylene exports fell 13.6% and 42.2%, respectively, as demand from China; the nation’s largest trade partner plunged in the wake of trade and transportation restrictions that were implemented during the Olympics.

Propylene cargoes bound for China slumped about 70% to 15,168 tonnes from 50,221 tonnes a year earlier.

Exports in the polymer cluster also fell substantially led by polypropylene (PP), which fell 42.17% year on year to 36,623 tonnes from 63,336 tonnes.

Trade in the key Chinese polymer market had been sluggish amid poor downstream demand, with many producers hoping to reduce huge inventories by cutting production in an attempt to lift market sentiment.

Shipments in the aromatics chain also shrank with mixed xylenes posting the biggest decline of 68.5% to 25,712 tonnes from 81,648 tonnes a year earlier.

Styrene monomer (SM) exports were down 20.9% to 91,990 tonnes from 116,347 tonnes in the previous corresponding period on continued weak buying interest from the downstream styrenic resins sector.

Product	Export (tonnes)		Import (tonnes)
	2008	2007	2008	2007
Naphtha	176,806          (-41.1%)	300,060	1,652,216 (26.9%)	1,301,244
Olefins
Ethylene	55,836            (-13.6%)	64,637	14,447 (261%)	4,004
Propylene	36,623            (-42.2%)	63,336	22,796 (64.6%)	13,849
Butadiene	21,184 (22.9%)	17,224	18,926 (51.1%)	12,526
Polymers
PE and hdPE	92,368           (-15.6%)	109,378	772                (-35.1.%)	1,189
ldPE	12,986          (-33.2%)	19,450	1,664             (-2.8%)	1,712
lldPE	28,077          (-16.5%)	33,633	827 (31.7%)	628
PP	36,623         (-42.2%)	63,336	22,796 (64.6%)	13,849
Aromatics
Benzene	56,444          (-45.8%)	104,064	20,609 (9.4%)	18,839
Toluene	32,676             (-48.9%)	63,970	27,013 (203%)	8,901
MX	25,712         (-68.5%)	81,648	13 (N.A)	0
PX	90,722         (-18.9%)	111,841	58,555 (7.1%)	54,697
OX	3,000           (-65.9%)	8,800	4,080 (104%)	2,000
Others
SM	91,990         (-20.9%)	116,347	39,993              (-6.6%)	42,820
PTA	307,649 (31.7%)	233,526	155 (25%)	124
PET	58,489          (-21.2%)	74,259	1,644 (44.6%)	1,137
BR	14,785          (-31.1%)	21,446	1,239 (147%)	502

Source : Korean International Trade Association (KITA)

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